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The development of domestic business under the influence of the macroeconomic environment. This topic was one of the main themes of the plenary discussion ‘2026: New Challenges or a Transition to Sustainable Development?’ at the latest VTB Investment Forum ‘Russia Calling!’, which took place in Yekaterinburg.

In his speech, the President of the Polymetallic Holding Group Seligdar (hereinafter referred to as the “Holding Group” or “Seligdar”) (MOEX: SELG), Aleksandr Khrushch, noted that the priority remains to increase metal production volumes, improve operational efficiency and optimise debt service costs.

Last year, the Holding Group fulfilled all items of its own investment programme. Production plans for the two main metals – gold and tin – were exceeded. Gold production grew by 10% compared to 2024, tin by 42%. Seligdar continues to find and use the most effective tools both in attracting investment and in selling its own products at a price above the market.

During the discussion of economic development problems, participants spoke about the high cost of money, which is holding back investment and, consequently, business development. The current USD/RUB exchange rate, as well as the labour shortage across all sectors, also have a negative impact on export-oriented industries. In the course of the dialogue, a topical issue was raised: whether gold remains a ‘safe haven’ in conditions of high volatility.

Aleksandr Khrushch, President of Seligdar PJSC:

“In recent weeks, we have witnessed what is commonly called a ‘roller coaster’. When stock markets collapse, major players are forced to sell the most liquid assets they have to cover losses in other sectors. Gold suffers not because it is bad, but because it can be quickly sold. This is a temporary liquidity effect, not a loss of confidence in the metal. Gold should not be seen as a tool for quick profit or as a means to avoid any drawdown. It is a portfolio insurance that becomes more expensive during turbulent times, but it is exactly what saves you when crisis periods arrive.”